Sep. 11 at 1:16 AM
U.S. stocks fell for a fourth straight session, with investors focused on Friday’s August CPI report, rising mortgage rates and surging oil prices. The 30-year fixed mortgage rate moved above 7%, pressuring housing stocks. Toll Brothers fell 1.9%, PulteGroup dropped 2% and Hovnanian declined 2.6%, with the three stocks down 21%, 19% and 30%, respectively, from recent highs.
Energy remained the only S&P 500 sector in positive territory for the week, gaining 1.7%, as Brent and WTI crude rose about 12% amid ongoing geopolitical tensions. Devon Energy and Valero were among the leaders, each up roughly 4% for the week.
Oracle will remain in focus after beating earnings expectations and rising 4% in after-hours trading, although the stock remains 56% below its high from a year ago. Investors will also watch Kroger’s earnings before the open Friday, with the grocery retailer’s shares down more than 11% over three months and 25% from their March high.
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